Irving Bankruptcy Lawyer: How To Decide If Bankruptcy Is Needed

Your Irving bankruptcy lawyer has discussed your options with you and you’re leaning towards Chapter 13 bankruptcy. What exactly does that mean? Most people, if not all, who see a bankruptcy lawyer wish they didn’t need to consider filing at all. Unfortunately though, many of us are in situations where we need to turn to a bankruptcy lawyer for advice and guidance because there just is no other way to solve the situation. There are different options for bankruptcy, including Chapter 13 bankruptcy, which is what we’ll be focusing on within this article.

A visit with a bankruptcy lawyer should be the last alternative for anyone in a financial bind. Once you file for bankruptcy, it can take up to ten years for it to be removed from your credit record. This means it will be challenging for you to get any new loans or credit. In addition, it will show up anytime you try to secure a new home, apartment, or job. If you are considering bankruptcy, be sure to consult with a bankruptcy lawyer and consider the following information to determine if bankruptcy is needed in your particular situation.

Are you more than a couple months past due on your debt payments, especially your mortgage? A good bankruptcy lawyer will ask this question up front. If you’re more than a payment or two behind and at risk of foreclosure and repossession, then a bankruptcy lawyer may agree that bankruptcy might be the right option for you.

Chapter 13 bankruptcy means you’ll get to keep your home and assets. While you and your bankruptcy lawyer work out a repayment plan for your debts, you’ll get to keep your assets. However, you do need to continue to make the payments on these assets throughout the bankruptcy proceedings. Chapter 13 bankruptcy means debt collectors and creditors cannot continue or start any new collection efforts while you’re in your repayment plan period. Your bankruptcy lawyer should be the first person you contact if this doesn’t happen.

Can a friend or relative help you out for a period of time during this financial struggle? Again, when you sit down with your bankruptcy lawyer, this is another question to consider. Though most of us would prefer not to ask for help in a situation like this, sometimes we need to let go of our embarrassment and ask. But, if it’s not an option, then you and your bankruptcy lawyer can begin to look at the right bankruptcy options for you, unless you come up with another solution.

Chapter 13 bankruptcy repayment plans can last anywhere from 36 months to 60 months, though most of the time, repayments are to be made and completed in full within the 36 month time frame. Your bankruptcy lawyer and you can work together with creditors to develop the best plan for you, but in most cases, your creditors will want the payments as soon as possible, and within 36 months.

However, if none of these options are feasible for you, then you and your Irving bankruptcy lawyer may agree bankruptcy is the best option for you. You want to make sure you’re confident and comfortable with your attorney’s recommendations when it comes to filing for bankruptcy, as well. If you’re not, then it might not hurt to get a second or third opinion from other bankruptcy attorneys. After all, this is your credibility and livelihood we’re talking about, so you want to make the right decision for you and your family.

Learn more about irving bankruptcy. Stop by Mike Lewis’s site where you can find out all about irving bankruptcy attorneys and what it can do for you.

Published by: Mike Lewis on July 12th, 2010 | Filed under Legal



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